Bitcoin’s recent could have found a pit stop at $8,500 but not a credible bottom. For this reason, the recovery momentum could not overpower the bears’ front staged at $8,800. Meanwhile, the ongoing retreat casts danger on the zone at $8,500 (recent support). According to Mike McGlone, an analyst with Bloomberg the current downtrend is in no hurry to stop.
Ripple’s XRP extended thee sell-off to $0.2633 on Thursday. The coin is moving in sync with the market, controlled by bearish sentiments. A sustainable move below $0.2700 support bodes ill for XRP’s short-term forecast, making it vulnerable to further losses.
Ripple’s XRP confluence levels
Looking technically, $0.27 has turned into a key resistance level for XRP/USD. The longer, the coin stays below this barrier, the worse is the technical picture. Currently, there are several barriers clustered both above and below the price; though the way to the South seems to be the path of least resistance now.
ETH/USD is trading at $185.27 at the time of writing, having recovered from the intraday low of $184.11. The second-largest digital asset with the current market value of $18.8 billion has lost 1.34% of its value since the beginning of Thursday and stayed mostly unchanged on a day-to-day basis.